Utah Life Insurance Test
Utah Life Insurance Test with Answers
Question 1
Minimum Age to receive a license
Correct Answer
18
Question 2
Continuing Education Hours
Correct Answer
24 Hours every 2 years (3 Hours must be in ethics)
Question 3
Insurer must respond to claimant communications within how many days?
Correct Answer
15 days
Question 4
Commissioner Powers and duties include:
Correct Answer
Imposing penalties, including fines, suspensions, and revocations.
All insurance forms (riders, policies, applications, endorsements, and contracts) must
be filed and approved by the Commissioner.
Page 1 of 25
, Utah Life Insurance Test
Question 5
Gramm-Leach-Bliley Act (GLBA)
Correct Answer
Consumer - An individual about whom a company collects information is a
consumer.
Customer - A customer is a consumer that has developed an ongoing relationship
with a financial institution.
Question 6
Privacy Notices must explain:
Correct Answer
What info the company gathers about the customer.
Where that info is shared
How the company safeguards that info
Question 7
Fair Credit Reporting Act
Correct Answer
Responsible for the opt-out opportunity, but the privacy notice must inform the
customer of this right under the GLBA.
Question 8
Insurance Consultants
Correct Answer
To become licensed as an insurance consultant, a producer must have been licensed
and actively transacted inurance for at least three of the four years immediately
preceding the application for a consultants license.
Question 9
License Requirements
Correct Answer
18 years old at least.
Page 2 of 25
, Utah Life Insurance Test
Question 10
Appointments
Correct Answer
All producers must be appointed by at least one insurer.
Question 11
Misrepresentation
Correct Answer
It is illegal to make any written or oral statement, sales presentation, or comparison
that; misrepresents the dividends, benefits, advantages, conditions, or terms of any
policy.
Example: uses a name of any insurance policy that misrepresents its true nature.
Question 12
False Advertising
Correct Answer
It is illegal for any producer to formulate or use an advertisement or statement that
is untrue, deceptive, or misleading regarding any insurance company or persons
associated with that company.
Question 13
Defamation
Correct Answer
Making any statement, written or oral, that is false or maliciously critical of the
financial condition of an insurance company or a producer representing that
company is illegal.
Question 14
Rebating
Correct Answer
Offering valuable consideration, other than that which is offered in the contract as
an inducement to purchase a policy is illegal.
Page 3 of 25
Utah Life Insurance Test with Answers
Question 1
Minimum Age to receive a license
Correct Answer
18
Question 2
Continuing Education Hours
Correct Answer
24 Hours every 2 years (3 Hours must be in ethics)
Question 3
Insurer must respond to claimant communications within how many days?
Correct Answer
15 days
Question 4
Commissioner Powers and duties include:
Correct Answer
Imposing penalties, including fines, suspensions, and revocations.
All insurance forms (riders, policies, applications, endorsements, and contracts) must
be filed and approved by the Commissioner.
Page 1 of 25
, Utah Life Insurance Test
Question 5
Gramm-Leach-Bliley Act (GLBA)
Correct Answer
Consumer - An individual about whom a company collects information is a
consumer.
Customer - A customer is a consumer that has developed an ongoing relationship
with a financial institution.
Question 6
Privacy Notices must explain:
Correct Answer
What info the company gathers about the customer.
Where that info is shared
How the company safeguards that info
Question 7
Fair Credit Reporting Act
Correct Answer
Responsible for the opt-out opportunity, but the privacy notice must inform the
customer of this right under the GLBA.
Question 8
Insurance Consultants
Correct Answer
To become licensed as an insurance consultant, a producer must have been licensed
and actively transacted inurance for at least three of the four years immediately
preceding the application for a consultants license.
Question 9
License Requirements
Correct Answer
18 years old at least.
Page 2 of 25
, Utah Life Insurance Test
Question 10
Appointments
Correct Answer
All producers must be appointed by at least one insurer.
Question 11
Misrepresentation
Correct Answer
It is illegal to make any written or oral statement, sales presentation, or comparison
that; misrepresents the dividends, benefits, advantages, conditions, or terms of any
policy.
Example: uses a name of any insurance policy that misrepresents its true nature.
Question 12
False Advertising
Correct Answer
It is illegal for any producer to formulate or use an advertisement or statement that
is untrue, deceptive, or misleading regarding any insurance company or persons
associated with that company.
Question 13
Defamation
Correct Answer
Making any statement, written or oral, that is false or maliciously critical of the
financial condition of an insurance company or a producer representing that
company is illegal.
Question 14
Rebating
Correct Answer
Offering valuable consideration, other than that which is offered in the contract as
an inducement to purchase a policy is illegal.
Page 3 of 25
